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Not Used To Canada ™Program

Not Used To Canada ™Program

Qualified homebuyers that have relocated or immigrated to Canada within the past five years are eligible under Genworth Canada’s a new comer to Canada system to shop for a home with less than a 5% down payment.

Find out more about the New To Canada Program with your helpful guide.

Appropriate Loan Purpose and Applicable Loan-to-Value Limits

Buy Transactions:

  • 95% LTV
    • Home value = $500,000 – 5% advance payment needed
    • Home value > $500,000 and *For brand new construction properties within the regions (Yukon, Northwest and Nunavut Territories) where new house Warranty just isn’t an alternative, Lenders must obtain either the occupancy license or perhaps a third-party report from a professional professional such as for example: an inspector, designer or engineer. The qualified expert must carry the appropriate liability insurance and verify construction is completed in conformity with relevant bylaws and regulations.

    Maximum Property Value

    • Property value needs to be lower than $1,000,000.

    Qualifying Terms and Interest Levels

    • Fixed, standard adjustable, capped variable and check smart adjustable price mortgages are allowed
    • Maximum rate of interest term of 25 years
    • The qualifying rate of interest may be the greater regarding the agreement rate or 5-year standard price

    Amortization Options

    • As much as 25 years

    Premium Speed:

    The premium payable is the smaller associated with premium being a per cent of this total brand new loan quantity or perhaps the premium as being a percent regarding the top-up part in the extra loan quantity (if existing insured) in line with the rates below:

    LTV Ratio Premium Rate Top-Up Premium
    Up to 65% 0.60% 0.60%
    65.01percent – 75% 1.70% 5.90%
    75.01percent – 80% 2.40% 6.05%
    80.01% – 85% 2.80% 6.20%
    85.01% – 90% 3.10% 6.25%
    90.01% – 95% 4.00% 6.30percent

    The home loan insurance coverage premium is non-refundable, compensated at the period of closing and will be added onto the home loan.

    Borrower Certification

    Earnings and work

    • Standard income and work verification requirements use.
    • three months minimal employment that is full-time Canada (borrowers being moved under a business moving system are exempt).


    • 90.01-95%: Overseas credit file (Equifax or Transunion) demonstrating a credit profile that is strong

    Two (2) alternative sourced elements of credit demonstrating timely payments (no arrears) for the previous year. The two alternate sources required are:

    • Leasing payment history
    • An added alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance).
  • As much as 90%:Letter of guide from an established institution that is financial six (6) months of bank statements from main account